Reserve protocol
RSR
A protocol for creating stable assets backed by on-chain collateral baskets
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| 0.31% | 0.85% | 14.90% | 21.13% | 31.93% | 15.92% |
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Details
This content is generated by RD AI and is for reference only
Reserve Protocol is a decentralized asset issuance protocol that allows anyone to create stable assets (RTokens) backed by a basket of on-chain collateral. Users can mint RTokens by depositing collateral or redeem the collateral; the RToken price anchors to the basket value, with arbitrage maintaining stability. The protocol supports over-collateralization, provided by Reserve Rights (RSR) holders staking their tokens, which automatically compensates in case of collateral default. Revenue is distributed through on-chain auctions, and governance is executed by RSR holders.
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About Reserve protocol
Reserve Protocol is a decentralized platform for creating asset-backed stablecoins called RTokens. Each RToken is backed by a basket of on-chain collateral tokens, and its value is maintained through arbitrage. The protocol uses a dual-token system: RTokens serve as stable units of account, while Reserve Rights (RSR) is a governance and utility token that can be staked to provide over-collateralization. If any collateral defaults, staked RSR is automatically seized to cover losses, acting as a self-healing backstop. This mechanism addresses the pain point of stablecoin fragility by ensuring that RTokens remain solvent even during market volatility or collateral depegs.
In the past six months (2026-03-01 to 2026-09-01), the protocol faced a significant incident. On April 20, 2026, following an attack on Kelp DAO's rsETH, Reserve temporarily paused minting of eUSD and USD3, as well as rebalancing and RSR unstaking, while redemptions remained open. The team stated that DTF holders were largely unaffected and that RSR over-collateralization was sufficient to cover any minor impact. This event highlighted the protocol's reliance on external collateral and its risk-management approach during market stress.
Reserve Protocol, a decentralized stablecoin platform, has evolved through several key milestones. Its whitepaper outlined a dual-token system with RSR as a governance and staking token, designed to maintain collateralization. The launch of the Delegate Program in April 2023 marked a significant governance shift, with ABC Labs and Confusion Capital delegating 60% of their staked RSR across four DTFs (bsdETH, ETH+, eUSD, USD3) to independent delegates. This move reduced centralized voting power and introduced structured delegate compensation ($250/month in RSR) with requirements for high vote participation and forum engagement. The program's three-month trial concluded in June 2023, with reports indicating strong governance participation and overcollateralization maintained across all DTFs. These developments represent meaningful steps toward decentralized governance and community-driven oversight, distinguishing the protocol's approach to stablecoin management.
Positive: After Q2 incentive cuts, net annualized recurring revenue loss narrowed from -$7.4M to -$1.6M, with quarterly net revenue at only -$154K; eUSD became the protocol's highest-TVL token (~$22.5M) without incentives; 14.9M RSR burned in Q2, cumulative burns exceeded 85.56M; cash runway ~4.1 years with no treasury RSR sales.
Negative: Total market cap fell 63% QoQ to $46.7M, gross revenue down 49%; incentive wind-down caused TVL loss; a new unlock proposal could release 3B RSR if the $2.5M NARR milestone is met, creating potential sell pressure.
Nevin Freeman: Co-founder & CEO. He founded Reserve to build a decentralized stablecoin platform. Previously involved in projects like Confusion Capital.
Miguel Morel: Co-founder. He co-founded Reserve with Nevin, bringing a background in tech entrepreneurship.
Sean Sadasivan: Head of Product (current). He has extensive product management experience, previously at companies like FX Bridge and Spira Capital.